Brasada Capital Management LP Makes New Investment in CSX Corporation $CSX

Brasada Capital Management LP acquired a new stake in CSX Corporation (NASDAQ:CSX) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 21,000 shares of the transportation company’s stock, valued at approximately $998,000.

A number of other institutional investors have also recently modified their holdings of the stock. N.E.W. Advisory Services LLC acquired a new stake in shares of CSX during the 2nd quarter worth $27,000. Manning & Napier Advisors LLC acquired a new position in CSX in the second quarter valued at about $30,000. Arlington Trust Co LLC raised its stake in CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. First Bancorp Inc ME acquired a new position in CSX in the second quarter valued at about $33,000. Finally, Meeder Asset Management Inc. bought a new stake in CSX during the second quarter worth about $34,000. 73.57% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays reiterated an “overweight” rating and set a $60.00 price objective (up from $55.00) on shares of CSX in a research note on Thursday, July 23rd. Robert W. Baird boosted their target price on shares of CSX from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Citigroup upped their price target on shares of CSX from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Bank of America increased their price target on shares of CSX from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Raymond James Financial reissued an “outperform” rating and issued a $56.00 price objective on shares of CSX in a research note on Monday, July 13th. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

CSX Stock Performance

NASDAQ:CSX opened at $51.54 on Friday. The stock’s 50-day simple moving average is $49.80 and its 200 day simple moving average is $45.53. The firm has a market capitalization of $95.48 billion, a PE ratio of 29.79, a price-to-earnings-growth ratio of 2.36 and a beta of 1.21. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. CSX Corporation has a twelve month low of $31.80 and a twelve month high of $53.60.

CSX (NASDAQ:CSX) last released its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 earnings per share. On average, analysts anticipate that CSX Corporation will post 2 EPS for the current fiscal year.

CSX Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX’s dividend payout ratio (DPR) is presently 32.37%.

Insider Activity at CSX

In related news, Director John J. Zillmer sold 10,000 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total transaction of $464,500.00. Following the sale, the director directly owned 353,714 shares of the company’s stock, valued at approximately $16,430,015.30. The trade was a 2.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Angela C. Williams sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the transaction, the chief accounting officer owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This represents a 74.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 189,708 shares of company stock valued at $9,132,304. Company insiders own 0.30% of the company’s stock.

CSX Profile

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.